European Stocks Hold Steady Ahead of Expected ECB Rate Hike

European stocks were flat on Thursday as investors awaited an expected interest rate hike from the European Central Bank. The pan-European STOXX 600 index was trading at 639.79 points, with most regional markets in tight ranges.

The ECB is set to announce its policy decision at 1215 GMT, with a 25-basis-point rate hike to 2.5% expected by many. Financial markets are pricing in one more rate hike later this year, followed by another one or two moves next year.

Oil prices eased on Thursday but Brent crude remained above $100 a barrel as traders braced for deeper supply disruptions after Iran and the United States launched their largest wave of attacks on shipping since their six-month-old conflict began.